The first provisional liquidators to an open ended investment company
are set to be appointed.
Russell secured the appointment of provisional liquidators to an
These companies can adjust its number of shares depending on the level of
investment being made.
This OEIC had raised £4m in cpaital from more than 300 UK investors, but its
value had decreased signficantly in the last 18 months.
The liquidator will run the rule over its property portfolio and other interests
worth in excess of £5m.
Liquidator Cameron Gunn from
will protect the assets from creditors until a full liquidation hearing takes
place. Then the assets will be sold to create a return for investors and
“Due to the strict regulation of authorised investment vehicles such as
OEIC’s and the way in which they are structured, the application of formal
insolvency proceedings is unheard of; the FSA have stated that this was the
first appointment of its kind. These proceedings have paved the way for similar
applications in the future, should the need arise,” said James Hyne, head of
corporate recovery and insolvency at Charles Russell.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children